Oil steady, traders hopeful on China demand but worried about Fed
(Reuters) -Oil prices were little changed on...
(Reuters) -Oil prices were little changed on Monday, as hopes of stronger demand stemming from higher factory activity in China was largely offset by concerns that the U.S. Federal Reserve will not cut interest rates again at its December meeting.
Brent crude futures settled 1 cent lower at $71.83 a barrel. U.S. West Texas Intermediate crude rose 10 cents, or 0.15%, to $68.10.
A private sector survey showed China's factory activity expanded in November at the fastest pace in five months, boosting Chinese business optimism just as U.S. President-elect Donald Trump has ramped up trade threats.
Meanwhile, a ceasefire between Israel and Lebanon, which took effect last Wednesday, appeared increasingly fragile. The Israeli military said on Monday it was currently striking "terror" targets in Lebanon amid mutual accusations of ceasefire violations between Israel and the Lebanese armed group Hezbollah.
The Pentagon said that despite some incidents, the ceasefire between Israel and Lebanese armed group Hezbollah was holding.
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
Ring Energy Chairman and CEO Paul McKinney, put it aptly: “The best...
Ring Energy Chairman and CEO Paul McKinney, put it aptly: “The best place to find oil, oftentimes, is where you’ve already found it.”
Oil is easy to find, but assets are expensive to buy in the locked-up core of the Permian Basin. The breakneck pace of consolidation in the past two years has placed the highest-quality acreage in the hands of the majors and a few massive E&Ps. Tier 1 Permian locations are expensive to buy through M&A and even more difficult to discover organically.
However, the far edges of the Permian—the Central Basin Platform (CBP), the Northwest Shelf, and the Eastern Shelf—remain accessible to independent producers pushing the play’s boundaries and testing relatively unpopular zones.
Scout Taps Trades, Farm-Outs, M&A for Uinta Basin Growth
Despite increased M&A activity around its Uinta Basin position,...
Despite increased M&A activity around its Uinta Basin position, Scout Energy Partners aims to penetrate Utah’s emerging oil play more deeply.
“We think there’s potential to grow still,” said Juan Nevarez, Scout’s executive vice president, during Hart Energy’s Executive Oil Conference & Expo in Midland, Texas.
Dallas-based Scout is heaviest in the Hugoton Field, which spans across the Texas and Oklahoma panhandles into southwestern Kansas. But the company expanded into the Uinta in mid-2022 by acquiring a property from Ovintiv.
Trump threatens tariffs on those who shun the dollar
On Saturday, President-elect Trump threatened to slap prohibitive ...
On Saturday, President-elect Trump threatened to slap prohibitive 100% tariffs on BRICS countries unless they commit to stand with the US dollar and avoid establishing an alternative currency that would challenge USD’s dominance. It’s another indication that Trump will float tariffs against other countries as a means to achieve his economic goals.
What is BRICS? It’s an informal coalition of emerging economies—Brazil, Russia, India, China, and South Africa (hence the name)—that was created in 2009 and has grown to include other nations such as Argentina, Iran, and the UAE.
Do they want to move away from USD? Russia sure does. At a BRICS meeting in October, President Vladimir Putin complained about Western countries “weaponizing” the dollar to slap sanctions on Russia for its invasion of Ukraine in 2022. He’s led longstanding efforts among the BRICS countries to reduce the role of the US dollar as the world’s reserve currency and to advocate for developing alternatives.
Santa’s packing list will only get longer: Today...
Santa’s packing list will only get longer: Today is Cyber Monday, the biggest shopping day of the year. Save for a tiny blip in 2021, spending on the e-commerce extravaganza has increased every year since 2019, and is projected to rise again this year to a record $13.2 billion, according to Capital One Shopping Research. On Black Friday, Americans spent $10.8 billion on online purchases alone, per Adobe Analytics. Tomorrow is #GivingTuesday, a global movement that encourages donations to nonprofits and other charitable organizations the day after Cyber Monday. The GivingTuesday global network reported a record $3.12 billion in donations last year.
